PHILADELPHIA--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Advanta Securities Litigation:
| WESTERN PENNSYLVANIA ELECTRICAL | ||||
| EMPLOYEES PENSION FUND, Individually and | Civil Action No. 2:09-cv-04730-CMR | |||
| on Behalf of All Others Similarly Situated, | ||||
| Plaintiff, |
CLASS ACTION |
|||
| vs. | ||||
| DENNIS ALTER, et al., | ||||
| Defendants. | ||||
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED ADVANTA CORP. (“ADVANTA” OR THE “COMPANY”) CLASS A AND/OR CLASS B COMMON STOCK BETWEEN OCTOBER 16, 2006 AND JANUARY 30, 2008, INCLUSIVE
YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the Eastern District of Pennsylvania, a hearing will be held on August 4, 2014, at 10:30 a.m., before the Honorable Cynthia M. Rufe, at the James A. Byrne United States Courthouse, 601 Market Street, Philadelphia, PA 19106, for the purpose of determining: (1) whether the settlement of the Litigation set forth in the Stipulation of Settlement dated March 13, 2014 (“Stipulation” or “Settlement”) for the sum of $13,250,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether the Plan of Allocation of Settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (3) the reasonableness of the application of Lead Plaintiff’s counsel for the payment of attorneys’ fees and expenses incurred in connection with this Litigation, together with interest thereon.
If you purchased or otherwise acquired Advanta Class A and/or Class B common stock between October 16, 2006 and January 30, 2008, inclusive, your rights may be affected by this Litigation and the Settlement thereof. If you have not received a detailed Notice of Proposed Settlement of Class Action, and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Advanta Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, by calling toll-free (866) 574-6743, or by downloading this information at www.AdvantaSecuritiesSettlement.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form by mail or online no later than August 18, 2014, establishing that you are entitled to a recovery. You will be bound by any order and final judgment rendered in the Litigation unless you request to be excluded, in writing, to the above address, postmarked by July 3, 2014.
Any objection to the Settlement must be filed with the Court and received by counsel listed below no later than July 3, 2014.
| ROBBINS GELLER RUDMAN | DECHERT LLP | ||||||
| & DOWD LLP | MICHAEL L. KICHLINE | ||||||
| JEFFREY D. LIGHT | Cira Centre | ||||||
| 655 West Broadway, Suite 1900 | 2929 Arch Street | ||||||
| San Diego, CA 92101 | Philadelphia, PA 19104 | ||||||
| Lead Plaintiff’s Counsel | Defendants’ Counsel | ||||||
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: April 21, 2014
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
EASTERN
DISTRICT OF PENNSYLVANIA